By Devika Patel
Knoxville, Tenn., June 16 - Austin Engineering Ltd. said it will raise A$26.1 million in a private placement of shares.
The company will sell 18 million shares at A$1.45 per share in two tranches, with the initial tranche comprised of 7 million shares and a second tranche consisting of 11 million shares.
Argonaut Securities Pty. Ltd. and Southern Cross Equities Ltd. are joint lead managers.
Proceeds will be used to acquire a Chilean steel dump truck body business for $19.6 million.
Based in Queensland, Australia, Austin Engineering manufactures, repairs, overhauls and supplies mining attachment products, general steelwork structures and other associated products and services to the industrial and resources-related business sectors.
| Issuer: | Austin Engineering Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$26.1 million
|
| Shares: | 18 million
|
| Price: | A$1.45
|
| Warrants: | No
|
| Managers: | Argonaut Securities Pty. Ltd. and Southern Cross Equities Ltd.
|
| Pricing date: | June 16
|
| Stock symbol: | Australia: ANG
|
| Stock price: | A$1.59 at close June 16
|
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